DOCSLIB.ORG

Effect of Market Share on Competitive Advantage of UAP Old Mutual Insurance Firm in Kenya

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Effect of Market Share on Competitive Advantage of UAP Old Mutual Insurance Firm in Kenya IOSR Journal of Business and Management (IOSR-JBM) e-ISSN: 2278-487X, p-ISSN: 2319-7668. Volume 22, Issue 8. Ser. V (August 2020), PP 39-49 www.iosrjournals.org Effect of Market Share on Competitive Advantage of UAP Old Mutual Insurance Firm in Kenya Mary Wambui Gichohi11, JamesNjau Mwangi2, Paul Omato Gesimba3 1,2,3 Department of Business, St. Paul’s University Abstract: Over the last few years, the insurance sector has experienced increased competition. This has been greatly attributed to increased taxation from regulator through introduction of new requirements, increase in risk management costs, capital inadequacy and high compliance cost. It is with this reasons that UAP Holdings agreed to merge with Old Mutual group to form one entity. Therefore the study sought to assess the effect of market share on competitive advantage of insurance firms in Kenya. The study was informed on the concept of, market power theory. The study targeted 51 department heads from the five UAP old Mutual branches in Nairobi as they are the decision makers. The researcher used Census since the target population was small. The study utilized both primary and secondary data. Questionnaires were used to collect primary data desirable for the study. The questionnaire contained both closed and open-ended items. The researcher got secondary data from the AKI report (2012-2018) to assess the performance and the market share of the insurance firm before and the merger and acquisition. The researcher also obtained data from the financial statements of UAP Old Mutual official website to get information on the capital gains and asset base of the insurance firm before and after the merger and acquisition. After acquiring all the necessary permissions the researcher administered the questionnaire directly to the respondents using a drop and pick up later technique. Piloting was done in other insurance in Nakuru County. To ensure that all the items used in the research instrument were consistent and valid, the instruments were then subjected to scrutiny and review by the researcher’s supervisors at St Pauls University. Data was analyzed using both descriptive and inferential statistical methods. Descriptive analysis was done using frequency, percentage, means and standard deviation. Inferential statistics will involve the use of Pearson’s Product Moment correlation and multiple regression models to determine the nature of the relationship between the variables. Data was presented in tables and bar graphs. The findings concluded that market shares have significant effect on the competitive advantage of UAP Old Mutual insurance firm in Kenya. From the findings the researcher recommended that insurance firms should focus on increasing their market shares because it represents the percentage of an industry or market’s total sales that is earned by a particular company over a specified time period.. Key words: Market Share, Competitive Advantage, and Mergers and Acquisition ----------------------------------------------------------------------------------------------------------------------------- ---------- Date of Submission: 02-08-2020 Date of Acceptance: 17-08-2020 ------------------------------------------------------------------------------------------------------------------------ --------------- I. Introduction A merger is the combination of businesses which occurs when two companies, more or less on equal footing, decide to join forces (Tomlison, 2015). On the other hand, acquisitions are business combinations which occur when one company takes over another company. For the entire Mergers and acquisition process to be a success, there must be a transfer of the capabilities and knowledge for cost effective synergies to become a reality. There are certain objectives and reasons for mergers and acquisitions that propel the increase in mergers and acquisitions (Hensmans, 2016). Mergers and acquisitions have become an important medium to expand product portfolios, enter new markets and acquire technology, gain access to research and development and gain access to resources which would enable the company to compete on a global scale (Yadav& Kumar, 2016). There are many reasons to merge with or to acquire another company: greater market share, diversification into a related group of products or services, expansion up or down the supply chain, gaining cutting edge expertise for new product development. Mergers and acquisitions were used as strategic tools from last two to three decades, various organizations used M&A’s for enhancing their efficiency and effectiveness extensively. In fact developed countries are showing more cases of M&A’s such as U.K and USA as compared to developing countries. It is indicated that in U.K the value of mergers transactions from the insurance firms was 2532 million pounds in 2010 but later 2015 it increased up to 32600 million pounds that is showing tremendous increased in mergers transactions (Arnold, 2017). In 2018 the newly merged Standard Life Aberdeen offloaded its entire life assurance business to Phoenix Group for £3.24 billion. The company received £2.3 billion in cash and a 19.9 per cent stake in Phoenix from the transaction. DOI: 10.9790/487X-2208053949 www.iosrjournals.org 39 | Page Effect of Market Share on Competitive Advantage of UAP Old Mutual Insurance Firm in Kenya In developing economy like Pakistan, merger activities in the insurance sector of Pakistan picked up by the liberal reforms announced by insurance regulatory authority of Pakistan in 2010. The insurance sector of Pakistan showed drastic changes from the past few years due to the liberal reforms taken by insurance regulatory authority of Pakistan. There are various factors which are responsible for mergers and acquisitions in Pakistan including regulatory capital requirements, changes in legal framework and profit seeking. The insurance regulatory authority of Pakistan made it mandatory for insurance firms to maintain minimum paid up capital from time to time, then it becomes very difficult for insurance to meet these criteria alone and the insurance firms started to combine together, equal level insurance merged and larger insurance firms acquired the certain smaller insurance firms, (Rhoades, 2015). In recent years, mergers and acquisitions (M&A) activities have become an important channel for investment in Africa for both global and local market players. M&A deals have allowed companies to consolidate their positions in African markets, contributing to better market access and competitiveness. Nevertheless, the African M&A market is still very small compared with other regions in the world. There are also regional disparities within the continent as the market is essentially dominated by deals in South Africa., (Economic Policy Research Centre, 2019). In 2015 and 2016 there were several merger and acquisition in the insurance sector in South African in 2015 Tokio Marine Merged with HCC insurance. Over the last few years, the insurance sector in Kenya has continued to grow in assets, deposits, profitability and products offering. The growth has been mainly underpinned by an industry wide branch network expansion strategy both in Kenya and in the East African community region as well as automation of a large number of services and a move towards emphasis on the complex customer needs rather than traditional „off-the half’ banking products. Players in this sector have experienced increased competition (Insurance Industry Annual Report, 2018). In Kenya, there has been increasing number of mergers and acquisitions across the various economy sectors and particularly in the financial sector. Some of the notable mergers and acquisitions in Kenya’s Insurance Industry include those of ICEA and Lion Assurance Company to form the ICEA LION group; that of Apollo Insurance Company Limited and Pan Africa Insurance Company to form APA Insurance; Old Mutual acquired UAP Insurance; LeapFrog Investments, a private equity firm, acquired Resolution Insurance; Saham Group of Morocco acquired Mercantile Insurance Company Ltd; Prudential Plc of UK acquired Shield Assurance Company Ltd and that of Britam Investment Group acquiring Real Insurance Company Ltd (IRA, 2016). In Kenya, mergers and acquisitions are used for various reasons including as market entry strategies by companies involved, enhancing market share, to increase product line, to overcome financial difficulties or to meet specific government legislation. More mergers are likely to take place in Kenya if the government through the Central Bank of Kenya implements its proposal to increase the minimum capital requirements for financial institutions in the country in a move aimed at stabilizing the country’s financial sector (Inoti, Onyuma&Muiru, 2014). Mergers and acquisition has been happening in the Kenyan insurance industry since early 90s. The most recent merger has been UAP-Old Mutual Group, where UAP Holdings agreed to merge with Old Mutual group to form one entity in June 2015. Financial performances for merged insurance companies have been of great interest to researcher. Some studies done have concluded that M & A have improved financial performance of the post-merger firms (Mwanza, 2016). The UAP Old Mutual Group now comprises of three key players as a result of the acquisition of a controlling stake in Faulu in 2014 and UAP in 2015 by Old Mutual. The acquisitions resulted in Old Mutual Kenya UAP Holdings and Faulu Microfinance Bank, forming one of the largest financial services groups with a growing
Load more

Recommended publications
  • Positively Impacting Our Communities
    POSITIVELY IMPACTING OUR COMMUNITIES The UAP Old Mutual Faulu Foundation is the UAP Old Mutual Group’s Social Responsibility arm focusing on Health, Financial Well-being and Environment. This year, the Foundation has delivered the following initiatives: Investing in Healthcare Conserving the Environment The UAP Old Mutual Faulu Foundation partners with UAP Old Mutual Faulu Foundation aids initiatives that organisations to support Initiatives that improve access to promote environmental conservation through funding of quality healthcare through the improvement of medical sustainable projects. infrastructure and intervention programmes. This year the UAP Old Mutual Faulu Foundation has made significant The UAP Old Mutual Faulu Foundation sponsored the strides: planting of 4000 tree seedlings at Kereita Forest on Saturday, 30th November 2019. This was during the 6th edition of the 1. Improvement of efficiency at the Mama Lucy Kibaki Forest Challenge organized by East African Wildlife Society, L-R Peter Mwangi, Group CEO UAP Old Mutual Group, Dr. Peter Wanyaga Muthoka, UAP Old Mutual Faulu Foundation Chairman Kenya Forest Service and Kijabe Environment Volunteers. Hospital through installation of a Queue Management and Mr. Joe Aketch, Chairman Mama Lucy Kibaki Hospital System. The System will improve the hospital’s service The Foundation’s tree planting agenda is aligned to the Management during the Agreement Signing Ceremony at the Mama Lucy Kibaki Hospital for over one thousand (1,000) patients received daily National target of achieving 10% tree cover by 2022. from the Eastlands area of Nairobi and its environs by reducing long waiting times. In addition to the Since inception, the Foundation has supported planting of installation, the comfort of patients seeking treatment over 70,000 trees for the conservation of the water towers.
    [Show full text]
  • Short Term Performance Implications of Privately Quoted Companies After the Announcement of Merger and Acquisition: a Case of UAP Holding Limited in Kenya
    International Journal of Economics and Financial Research ISSN(e): 2411-9407, ISSN(p): 2413-8533 Vol. 4, Issue. 11, pp: 337-348, 2018 Academic Research Publishing URL: https://arpgweb.com/journal/journal/5/aims Group DOI: https://doi.org/10.32861/ijefr.411.337.348 Original Research Open Access Short Term Performance Implications of Privately Quoted Companies After the Announcement of Merger and Acquisition: A Case of UAP Holding Limited in Kenya Benjamin O. Abongo Kenya Methodist University, Nairobi, Kenya Abstract The contemporary business environment has been highly complex and dynamic with organizations facing unprecedented amount of competition due to globalization and technological innovations. Merger and acquisition is one of the most popular organization strategy that organizations apply when faced with this kind of operating environment acquiring resources, skills, and competencies beyond their organization control. Many studies have been done to support implementation of M&As within organizations but they have indicated conflicting outcomes with some showing that it negatively affect organization performance and others indicating they positively affect performance. However, none of the studies done has concentrated on the effect within the privately traded organizations and very few but conflicting studies have been done on this relationship in Kenya. This study therefore sought to assess the effects of merger and acquisition on the performance of privately trading organizations in Kenya. The study was grounded upon the efficiency theory, the market power theory, and economic production theory. Reviewed literature revealed existing gaps related to the literature. The study adopted descriptive research design on short run data collected at UAP Insurance within the pre-merger (2012-2014) and post-merger (2015- 2017) periods for various performance statistics, where descriptive analysis was applied to assess the differences and independent sample t-test.
    [Show full text]
  • Press Release
    PRESS RELEASE 7TH March, 2019- UAP Insurance Rwanda continues to proudly stand with Women in Rwanda and the world to celebrate womanhood. This date marks the re-launched of the Company Women’s network (OWN) across Africa including Rwanda. This year the network focus will be broad and inclusive, driven by women to advocate for women’s issues. Aligning the 2019 theme “BalanceForBetter”, a call to action for women and men across the globe to seek for better balance, UAP Insurance Rwanda is visiting CENTER IZERE NYAMATA - A centre of children with various forms of deformities and vulnerabilities. The Center is managed by wonderful women who volunteered to support Parents with challenged children by providing excellent care to their children. The Center was founded by Mrs. Cecile Umunyana a nurse who currently have 5 staff mainly women taking care of about 20 Children since 2005. The center advises advices and medical support to parents with disabled children at their home places and communities. UAP Insurance Rwanda wishes to support the center with some donations and add its voice to Mrs. Celine’s advocacies voice and improve the children’s lives. The initiative will serve to officially launch OWN, the employee women network in Rwanda. Through this initiative, we hope to inspire all of us to find our balance – for the sake of our health, our relationships and our ability to be our exceptional best. For Further Press Information, please contact Adeline Nzitatira on +250 788591106; Email [email protected] PR, Marketing & Communications Specialists Notes to Editors About UAP Insurance Rwanda UAP Insurance Rwanda is a subsidiary of UAP Old Mutual Group an integrated financial services provider comprising Banking, Insurance and Investment businesses.
    [Show full text]
  • Pestavic Ehs Services Ltd Company Profile
    PESTAVIC EHS SERVICES LTD Consultant Experts in Environment, Health and Safety Registered by National Environment Management Authority (NEMA) and the Directorate of Occupational Health & Safety Services (DOSHS). We conduct: • Safety and Health Audits (DOSHS) and Trainings • Safety and Health Risk Assessments • Fire Safety Audits and Trainings • Noise Surveys • Construction Safety Supervision • Dust Surveys • Environmental Impact Assessment and Audits (NEMA) Head Office: Chania Court No. 42, Chania Avenue, Kilimani P.O. Box 22309 – 00400, Nairobi Tel: (020) 2249770 / 2249769 / 0736038466 Mombasa Office: Shavirco House, 1stFloor, Jomo Kenyatta Avenue P.O. Box 94029 – 80107 Mombasa Tel: 041 5060015 E-Mail: [email protected] Website: www.pestavic.co.ke COMPANY PROFILE PESTAVIC EHS SERVICES LTD P. O. BOX 22309 - 00400 NAIROBI TEL: +254 736038466 1 TABLE OF CONTENTS TABLE OF CONTENTS ......................................................................................................................... 2 LOCATION .......................................................................................................................................... 3 OUR VISION ....................................................................................................................................... 3 COMPANY MISSION .......................................................................................................................... 3 COMPANY BACKGROUND ................................................................................................................
    [Show full text]
  • East Africa Financial Review
    EAST AFRICA FINANCIAL REVIEW S E P T E M B E R 2 0 1 6 SPONSORSHIP PARTNER September in Numbers BC Deal of the Month Apis Partners’ investment in Direct Pay MONTHLY COMMENTARY Online Group (Formerly 3G Direct Pay), one of East Africa’s leading online Another month of steady deal flow this month saw again mostly deals payments processors for an undisclosed in PE and M&A. See more detail below and on page 6. We continue amount our series of interviews with the protagonists of landscape changing deals in East Africa, this time with Peter Mwangi, CEO of UAP Old Mutual, on Old Mutual's takeover of UAP, and the exit that deal provided for a number of PE firms. We also welcome our new sponsorship partner Alexanna, the leading management and financial consultancy firm for East African SMEs. The largest corporate deal in EA In private equity 3 investment deals (31 deals YTD) were announced in the e- in USDm 20 commerce (1) and renewable energy (2) sectors in Kenya. In M&A we witnessed 2 deals (29 deals YTD) in the telecoms and publishing sectors in Tanzania and Ethiopia respectively. One joint venture was reported in the automotive sector in Kenya. BC’s deal of the month was Apis Partners’ investment in Direct Pay Online Group (Formerly 3G Direct Pay), one of East Africa’s leading online payments processors for an undisclosed amount. The investment was made from Apis Growth Total no. of disclosed deals in EA Fund I, a private equity fund managed by Apis Partners LLP (“Apis Partners”), a 6 private equity asset manager focused on financial services in the growth markets of Africa and Asia.
    [Show full text]
  • Local Underwriters Seeking to Capitalize on New $296M Marine Cargo Market by Staff Reporter ­ October 10, 2016 213
    Local underwriters seeking to capitalize on new $296m marine cargo market By Staff Reporter ­ October 10, 2016 213 1 Local insurance firms are seeking to reap big from the new insurance law, section 20 of the Insurance Act, which requires all importers to have local marine cover from January next year. UAP Old Mutual Group and Sanlam Kenya are some of the companies which have expressed interest saying they are ready to take on the Kshs Sh30 billion marine cargo insurance market by issuing cover to traders. Sanlam Kenya Group CEO Mugo Kibati said the local firm will be tapping Sanlam Group’s century­ old technical experience and financial muscle to deliver cover for its clients. Sanlam Marine is the largest such insurer in Africa. The new Marine Cargo Insurance (MCI) regulations will place marine business exclusively with locally registered underwriters. According to UAP Old Mutual, the firm has capacity to underwrite up to $250 million (Sh25 billion) in any one risk location. This is after the parent South African group unveiled Specialty Insurance in conjunction with Old Mutual Specialty Insurance. “Importers have traditionally preferred to use foreign firms especially when importing cargo such as mining and construction equipment. We believe the law will help buyers avoid the associated risks,” said UAP Old Mutual Group chief executive Peter Mwangi. Sanlam on the other hand said with Kenya Ports Authority’s expansion of cargo holding facilities at Kilindini harbour there is need for specialist value­added services such as marine and related portside risk solutions. Through its general insurance subsidiary Sanlam General Insurance, the firm provides value­added risk covers for local and multinational clients importing or exporting products.
    [Show full text]
  • By Kevin Kebaara United States International University-Africa
    EFFECTS OF GENERIC STRATEGIES ON THE PERFORMANCE OF PRIVATE INSURANCE COMPANIES: A CASE OF UAP OLD MUTUAL GROUP BY KEVIN KEBAARA UNITED STATES INTERNATIONAL UNIVERSITY-AFRICA SUMMER 2019 EFFECTS OF GENERIC STRATEGIES ON THE PERFORMANCE OF PRIVATE INSURANCE COMPANIES: A CASE OF UAP OLD MUTUAL GROUP BY KEVIN KEBAARA A Research Project Report submitted to the Chandaria School of Business in Partial Fulfilment of the Requirement for the Degree of Masters in Business Administration (MBA) UNITED STATES INTERNATIONAL UNIVERSITY-AFRICA SUMMER 2019 STUDENT’S DECLARATION I, the undersigned, declare that this is my original work and has not been submitted to any other college, institution, or university other than the United States International University Africa in Nairobi for academic credit. Signed: ________________________ Date: ________________________________ Kevin Kebaara (652597) This project has been presented for examination with my approval as the appointed supervisor. Signed: ________________________ Date: ________________________________ Prof. Timothy Okech Signed: ________________________ Date: _________________________________ Dean, Chandaria School of Business ii COPYRIGHT All writings, pictures or other works are copyrighted works of Kevin Kebaara. All rights reserved. No part of this report may be reported or otherwise reproduced or transmitted in any form or by electronic or mechanical means without prior permission or authority granted by the author. Copyright Gatonye Kevin Kebaara ©2019 iii ABSTRACT The purpose of this study
    [Show full text]
  • The UAP Old Mutual Group, East Africa in 2020, We Celebrate: • 175 Years in Africa • 100 Years in East Africa About Old Mutual Limited (OML)
    The UAP Old Mutual Group, East Africa In 2020, we celebrate: • 175 years in Africa • 100 years in East Africa About Old Mutual Limited (OML) Old Mutual was established in Cape Town in 1845 as South Africa’s first mutual life insurance company, offering financial security in uncertain times. Today, the Group has grown into a premium pan-African financial services Group that offers a broad spectrum of financial solutions to retail and corporate customers across key market segments in 14 countries, with listings on five stock exchanges. We now employ about 30,000 people in our primary operations in South Africa and the Rest of Africa, and a niche business in China. The UAP Old Mutual Group is part of Old Mutual Limited (OML). As part of OML, the Group is able to leverage technology and technical expertise to better serve customers as well as offer broad career growth prospects for employees. OML operates in 13 markets across Africa 3 About UAP Old Mutual Group in EA The UAP Old Mutual Group comprises • UAP Holdings PLC and its subsidiaries which comprises seven (7) subsidiaries that underwrite life and non-life insurance risks in Kenya, Uganda, Tanzania, South Sudan and Rwanda, a stock brokering company in Uganda and two property companies in Uganda and South Sudan • Old Mutual Holdings and its subsidiaries which include Old Mutual Life Assurance Company, Old Mutual Investment Group and Faulu Microfinance Bank. The Group which operates an integrated financial services business model, is one of the largest in East Africa and offers customers insurance, investment, banking and savings solutions.
    [Show full text]
  • UAP INSURANCE RWANDA LIMITED Old Mutual Life Assurance | 2020 Annual Report and Financial Statements
    UAP INSURANCE RWANDA LIMITED Old Mutual Life Assurance | 2020 Annual Report and Financial Statements ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 LIVING EXCEPTIONALLY BETTER • SIMPLE • LIFE STARTS TODAY UAP INSURANCE RWANDA | 2020 Annual Report and Financial Statements contents ABOUT US 6 Old Mutual Africa Our Purpose, Vision & Values UAP Old Mutual Group East Africa UAP Holding Limited East Africa UAP Holding PLC East Africa Our History Old Mutual Limited at a Glance Uap Insurance Rwanda Our Strategy Strategy Pillars Our Story DIRECTORS 24 Board of Directors Director Profiles KEY STATEMENTS 32 Chairman’s Statement Managing Director’s Report CORPORATE REVIEW 38 Corporate Governance Report Risk Management Report SUSTAINABILITY AND CORPORATE SOCIAL RESPONSIBILITY 52 DIRECTORS’ REPORT 60 Directors’ Report Statement of Directors’ Responsibilities Statement of Corporate Governance Report of the independent auditor to the shareholder of UAP Insurance Rwanda Limited FINANCIAL STATEMENTS 70 Statement of Comprehensive Income Statement of Financial Position Statement of Changes in Equity Statement of Cashflows Notes to Financial Statement BETTER • SIMPLE • LIFE UAP INSURANCE RWANDA | 2020 Annual Report and Financial Statements ON 17 MAY 2020 OLD MUTUAL TURNED 175. This is an incredible milestone that we can be really proud of. It means we have succeeded in staying relevant to our customers and responsive to their changing needs, year after year for 175 years. East Africa • Kenya • Uganda • Tanzania • Rwanda • South Sudan OLD MUTUAL LIMITED AFRICA West Africa WHO WE ARE • Ghana Old Mutual was established in Cape Town in 1845 as South Africa’s first • Nigeria Southern mutual life insurance company, offering financial security in uncertain times.
    [Show full text]
  • East Africa Is Covered East Africa Is Covered
    UAP HOLDINGS PLC (FORMERLY UAP HOLDINGS LIMITED) ANNUAL REPORT & FINANCIAL STATEMENTS 2019 EAST AFRICA IS COVERED EAST AFRICA IS COVERED The UAP Old Mutual Group is the East African business of Old Mutual Limited which is a Pan-African Financial Services Group with a rich heritage of 175 years and presence in 13 African countries. The Group has operations in Kenya, Uganda, Tanzania, South Sudan and Rwanda with over 1,400 employees, 3.8M customers, 12 iconic properties and USD 2 Billion in funds under management. Whether it is insurance, investments, savings or banking, we’ve got you covered. 3 [SECTION TO BE CUT OFF] 4 [SECTION TO BE CUT OFF] KENYA IS COVERED Whether it is insurance, investments, savings or banking, UAP Old Mutual has got you covered. www.uapoldmutual.com/kenya UAP Holdings PLC (formerly UAP Holdings Limited) 2019 Annual Report and Financial Statements 5 CONTENTS ABOUT US Old Mutual Limited 8 Our purpose, vision and values 9 UAP Old Mutual Group 10 UAP Holdings PLC 11 Our history 12 - 13 UAP Old Mutual Group quick facts 14 Awards and accolades 15 DIRECTORS Board of directors 18 - 19 Director profiles 20 - 25 UAP subsidiaries' directors 26 - 31 UAP Old Mutual East Africa leadership team 32- 33 KEY STATEMENTS Chairman’s statement 34 - 37 Group Chief Executive Officer’s report 38 - 41 CORPORATE GOVERNANCE REPORT 42 - 53 Legal and compliance audit opinion on UAP Holdings PLC 54 [SECTION TO BE CUT OFF] RISK MANAGEMENT REPORT 55 - 58 SUSTAINABILITY REPORT 59 - 71 DIRECTORS’ REPORT 72 - 75 Directors’ remuneration report 76 -
    [Show full text]
  • Celebrating Professionalism in Africa Edition #U01
    APRIL 2021 CELEBRATING PROFESSIONALISM IN AFRICA EDITION #U01 ‘Nurturing insurance professionalism’ By Caroline W Mwangi and Esther Muchunu Head of Human Capital, GI and Human Capital Assistant, GI Health UAP Old Mutual and Health UAP Old Mutual ‘Celebrating professionalism in Africa’ is a pioneering series of case studies, published by the Chartered Insurance Institute, to showcase professional practice and innovation in insurance NURTURING INSURANCE PROFESSIONALISM By Caroline W Mwangi and Esther Muchunu Head of Human Capital, GI and Health Human Capital Assistant, GI and Health UAP Old Mutual UAP Old Mutual A journey of a thousand miles starts with a step. in the region. Our purpose is to champion mutually That was what was in the mind of UAP Old Mutual positive futures every day and our vision is to be Group’s management when the organisation our customers’ most trusted lifetime partner, started encouraging and promoting capacity passionate about helping them achieve their development through providing various learning financial goals. This is guided by our mission, which and development opportunities. This was fuelled is to enhance quality of life by delivering peace of by the fact that we not only consider human mind and financial freedom though an exceptionally resource as a factor of production but as capital motivated team that delivers what customers want, which when strategically injected, nurtured and when and where they want it. The company’s values grown has the ability to turn around any are: accountability, integrity, respect and pushing organisation’s performance, delivering that which beyond boundaries. In a nutshell, respect the is core to the organisation.
    [Show full text]
  • The Insurer Recover Journal of the Association of Kenya Insurers Volvol 16 20 December June 2019 2017 in Style with Jubilee’S Free Hospital Inpatient Beauty Therapy
    THE INSURER RECOVER JOURNAL OF THE ASSOCIATION OF KENYA INSURERS VOLVOL 16 20 DECEMBER JUNE 2019 2017 IN STYLE WITH JUBILEE’S FREE HOSPITAL INPATIENT BEAUTY THERAPY... HAIR DO OR MAKE-UP OR MANIPEDI *AT ALL MAJOR HOSPITALS CALL US TODAY: 0719 222 111 www.jubileeinsurance.com THE INSURER | JUNE 2019 CONTENT EDITOR’S NOTE 03 MEDIATION; THE GENTLEMAN’S JUSTICE SYSTEM 04 BLOCKCHAIN TECHNOLOGY IN INSURANCE 06 RISK TRANSFERENCE 09 We would like to appreciate members for DIGITAL TRANSFORMATION 12 their support towards 9th edition of the FINANCIAL LITERACY IN PHASES 14 medical camp held on Saturday 8th June at GLOBAL TRENDS 16 HOW INSURANCE WORKS 18 Isinya, Kajiado County. HUDUMA NAMBA 20 CHECKING INSIDER THREATS 22 ABOUT MENTAL HEALTH 24 Special thanks to SANDBOX REGULATION 26 APA Insurance, Britam General Insurance, TREATING CUSTOMERS FAIRLY 28 CIC General Insurance Co., INSURANCE AGAINST TERRORISM 30 Fidelity Shield Insurance Co., BEATING ALL ODDS 32 Heritage Insurance Co., ICEA Lion Group, OF SMES AND INSURANCE 34 Intra Africa Assurance Co., Liberty Insurance, Madison Insurance Co., Occidental Insurance Co. and UAP-Old Mutual Group. I NSECURITY S U R A N C E & 1 THE INSURER JUNE 2019 THE INSURER | JUNE 2019 THE INSURER | JUNE 2019 Over the Easter weekend this year, one of our banks lost over Ksh.10 million through sophisticated ATM attacks: The four ‘hit ‘machines were not vandalised, rather they were ‘manipulated’ through state-of-the-art cyber commands to empty their cassettes into the perpetrators’ gunny bags. This malpractice—known as ATM Jackpotting—is a recent phenomenal Dedicated to Excellence having emerged in the US less than two years ago and is as sophisticated as they come: It is time our security organs ‘upped’ their game and ‘hit’ back in equal intensity.
    [Show full text]